Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.020%

Price spread now: Binance against Injective+4.132%67s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Binance

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Binance is 4.132% dearer against Injective than usual: you sell high and buy low: +$413 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 67 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective NOT/USDC PERP	0.0004874	0.0033	pay 0.0004% / 1h	2m 05s	$1K	$13K	5.5x
Short	Binance NOTUSDT	0.0005075	0.0100	get 0.0050% / 4h	2h 02m	$2.1M	$3.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee InjectivebpFee BinancebpOrdersPrice spread, now +4.132%Rate

Funding earned: $14
Price spread: +4.132% → 0.000%: $413.21
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Binance: 5 bp × 2 orders: −$10
Net: $417.19
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Binance: live order book, 4 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Injective no order-book sample	—	—	—	—	—
Sell Binance live order book, 4 min ago	4.93 bp	18.0 bp −$18	93.8 bp −$938	doesn't fit	doesn't fit

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

NOT on 15 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni NOT	−0.0278%	4h	0.0005066	+3.942%	$71K	$39K	—	as long as short
KuCoin NOTUSDTM	−0.0086%	4h	0.0005064	+3.898%	$464K	$133K	50x	as long as short
Injective NOT/USDC PERPlong	+0.0033%	1h	0.0004874	long leg	$1K	$13K	5.5x
Lighter 1000NOT	+0.0096%	1h	0.0005085	+4.323%	$11K	$5K	3x	as long as short
Hyperliquid NOT	+0.0100%	1h	0.0005080	+4.227%	$371K	$52K	3x	as long as short
Aster NOTUSDT	+0.0100%	4h	0.0005075	+4.116%	$14K	$9K	5x	as long as short
Binance NOTUSDTshort	+0.0100%	4h	0.0005075	+4.132%	$2.1M	$3.1M	50x
Bybit NOTUSDT	+0.0100%	4h	0.0005067	+3.960%	$2.1M	$865K	25x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005072	+4.062%	$635K	$654K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0005071	+4.042%	$143K	$82K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC NOT_USDT	+0.0100%	4h	0.0005075	+4.124%	$1.3M	$475K	200x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005081	+4.247%	$674K	$410K	50x	as long as short
BingX NOT-USDT	+0.0100%	4h	0.0005076	+4.144%	—	$8.9M	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005074	+4.103%	$4K	$491	5x	as long as short
Kraken Futures PF_NOTUSD	+0.0201%	1h	0.0005105	+4.748%	$50K	$9K	10x	as long as short